ECONOMY

Mixed Economic System A mixed economic system is an economic system that uses a combination of private and public ownership and control. It is characterized by the coexistence of private enterprise and government regulation. Key Features of a Mixed Economic System: Private ownership: Allows for private ownership of property and businesses, with freedom to operate […]

Net exports is a measure of a country’s international trade that refers to the difference between the country’s exports and imports of goods and services. Formula: Net exports = Exports – Imports Components: Exports: The value of goods and services that a country sells to foreign markets. Imports: The value of goods and services that […]

Quantity Demanded Quantity demanded is a measure of the quantity of a good or service that consumers are willing and able to purchase at a given price. It is a key concept in economics that describes the relationship between the price of a good or service and the quantity of that good or service that […]

Definition: Physical capital refers to tangible assets that are used in the production of goods and services. It includes tangible assets such as land, buildings, machinery, equipment, and vehicles. These assets are used in the production process to create goods and services. Examples of Physical Capital: Land: Plots of land used for agriculture, construction, or […]

The Global Innovation Index (GII) is a ranking of nations based on their ability to innovate, as measured by their research and development expenditures, patent applications, and other factors. The GII is published annually by the World Intellectual Property Organization (WIPO) and is a key indicator of a country’s economic strength and future growth potential. […]

Game Theory Game theory is a branch of mathematics that studies how players make decisions in games. It is a fundamental field of study in economics, computer science, and psychology. Key Concepts: Players: Participants in a game who make decisions to maximize their own payoffs. Strategies: Actions available to each player in a particular situation. […]

Consumer Goods Consumer goods are tangible products that are directly used by consumers for personal and household purposes. They include a wide range of items, such as: Major Appliances:– Refrigerators- Stoves- Washers- Dryers- Television sets- Computers- Appliances Electronics:– Smartphones- Laptops- Tablets- Television sets- Stereo systems Clothing:– Apparel- Footwear- Accessories Food and Beverages:– Groceries- Snacks- Beverages- […]